Lukoil Voices Interest in "Owning Part of Iran's Oil"

Lukoil is interested in participating in Iranian energy projects if it gets the right to manage a part of oil, but would not agree to solely provide services, Lukoil’s Vice President Leonid Fedun said in an interview with TASS on Dec. 3.

"I am aware, they have drafts of a new oil contract, which is a mix of production, sharing and buyback," Fedun said. "It is extremely important for us to be able to own some part of (Iran's) crude oil, so that we could include this oil in our assets."

"We are not going to be involved in services only, we have been discussing it with them (Iran), and as yet this is what they should decide among themselves," he said, adding Iran had confirmed its interest in resuming ties with the country.

"(Lukoil’s president) Vagit Alekperov has met with Iran’s oil minister (Bijan Namdar Zanganeh), they confirmed the interest our company participates, as we have a very good reputation. I hope very much, if Iran offers acceptable terms of the oil contract, we shall be pleased to work there."

Alekperov had said that in October-November 2017, Lukoil may sign contracts with Iran to develop two oilfields, namely Mansouri and Ab-Teymour. 

Iran has already signed three memoranda of understanding with Russian oil companies Lukoil, Tatneft and Zarubezhneft.

Earlier a representative of the management of the National Iranian Oil Company (NIOC) Gholamreza Manouchehri said that Russian companies are potential investors in oil and gas projects in Iran. In related news, Fedun said he may sell his stake in Lukoil to Kremlin-controlled Rosneft.

Fedun, who owns little less than 10% in the company, told the newspaper that "in theory" Rosneft may acquire Lukoil.

"You know, never say never. If they came to you and say ... we offer you $100 billion for your company. Who would refuse it? I, personally, don't," he was quoted as saying by Reuters.

Rosneft, owned by Igor Sechin, a long-standing ally of President Vladimir Putin, became the world's largest listed oil producer by output when it bought Anglo-Russian firm TNK-BP in 2013. Last month, it also acquired mid-sized oil producer Bashneft.

There has been market speculation that Lukoil could be Rosneft's next acquisition target.